Around 60,000 people claimed back overpaid tax on their pension withdrawals in 2023/24, an increase of 20% on the previous year, new data from HMRC shows. Of those people, 2,400 received refunds of more than £10,000, while 25 received an average of £106,897, according to the figures, which were obtained by Royal London through a freedom of information request. The average refund was £3,342, a 9% increase on the previous year. Under UK rules, retirees age 55 and over can flexibly access the...
